SBI Q3 2024 Results Preview: India’s leading bank State Bank of India will announce its Q3 results today. In an exchange communication with the Indian exchanges, SBI said that its board of directors will consider and approve unaudited financial results in its meeting scheduled on 3 February 2024. After declaration of the results of the SBI Q3 2024, a conference will be held at 5. : 00 PM on Saturday.
Informing the exchanges of Indian stock markets about the board meeting date and its agenda, the SBI said, “In accordance with Regulation 29 (1) (a) and other applicable provisions of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we inform. that a meeting of the Central Board of the Bank will be held on Saturday, 3 February 2024 in Mumbai, to consider the financial results of the Bank for the fourth and nine months ended 31 December 2023.”
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“Further, we inform that as per Regulation 30 (6) read with item No. 15 of Para A of Part A of Schedule III to the SEBI (LODR) Regulations, 2015, Analyst Meeting will be held on 3rd February 2024 at 5.00 p.m. after Q3FY24 financial results at State Bank Bhavan Auditorium,” SBI added.
SBI Q3 results 2024 expectations
On SBI Q3 results expectations, Shreyansh Shah, Research Analyst at StoxBox said, “We expect the banking giant SBI to come out with a good set of numbers in Q3FY24. Though some marginal decline in NIMs is expected from the PSBs due to the continued high . cost of funds, we anticipate the absolute profit of the bank to witness a mid-teen digit growth in the current quarter due to high expenses of advance payments supported by elevated infra expenses. Moreover, the bank has a large share in the salary account, both the CASA and the CD ratio would show no signs of concern The highlight of this quarter’s numbers would be seen in the significant growth in its other income supported by the bank’s focus on optimizing its vast branch network of 22,405 for cross-selling opportunities .”
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Expecting that SBI has overcome challenges posed by the rising cost of funding, Sandeep Pandey, Founder and Director at Basav Capital said, “Due to the Government of India’s focus on infrastructure and rising government spending in the segment, the corporate loan business of Indian banking . major is expected to enable SBI to maintain the profitability in Q3FY24.”
The former Vice Chairman of the HDFC Bank went on to add that an increase in business volume is expected to provide support to India’s largest public sector bank to meet the challenges on the CASA front in the post-high interest rate regime.
“With lower slippages seen in FY24 so far, we expect the momentum to continue with credit cost continuing to be below the targeted 1% mark and expect RoAs to improve going forward. The only factor that can act as a downside would be the bank’s expected . higher stocks due to wage revision,” said Shreyansh Shah of StoxBox.
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Published: 03 Feb 2024, 08:10 IST